After a clinical flop and two recent retirements, BridgeBio Pharma plans to fire six of its candidates to conserve capital.
The biotechnologist has been hit by the brunt of the bear market after it released disappointing Phase 3 results for its transthyretin amyloidosis drug Acoramidis last year. In the study, patients treated with a placebo reported less decrease in six-minute walk distance over one year than treated patients.
Following the test banner, BridgeBio launched a renovation plan in January that included two development cycles. The number of employees withdrawn from the two waves was not disclosed. After the second round, Cameron Turtle, the company’s chief strategic officer, resigned and left Biotech in April.
The company is now in “partnership and termination” discussions for six programs, according to the first quarter financial results report released yesterday. Two of the drugs – BBP-589 for dystrophic epidermolysis bullosa and BBP-681, a topical PI3KA inhibitor for venous and lymphatic malformations – are in clinical trials. Other programs previously developed include two AAV gene therapies, a potential treatment for Netherton syndrome, and a PI3KB inhibitor for autism.
In March, BridgeBio sold its injectable drug Nulibry to Sentinel Therapeutics, raising $10 million from the rare upstream genetic treatment.
The biotech expects the restructuring to cost between $23 million and $25 million this fiscal year, primarily due to depreciation and lifetime amortization of assets, layoffs and employee costs, and other related costs. The costs are partially offset by a $15.3 million decrease in normal biotechnology operating expenses compared to the same period last year, primarily due to cost savings and restructuring effects.